Exosome Diagnostics, a company that has developed technology to test for disease by analyzing blood and other bodily fluids, has agreed to be acquired by Bio-Techne in a $250 million cash deal.
If Waltham, MA-based Exosome hits certain unspecified milestones, the company could receive up to $325 million more, the companies announced Monday after the market close. Bio-Techne (NASDAQ: TECH), based in Minneapolis, says it will finance the transaction with cash on hand and a revolving line of credit that it expects to obtain. The companies expect to close the deal by early August.
Exosome Diagnostics develops and sells diagnostics that test for exosomes, which are nanoparticles found in biological fluids. Testing blood or urine in a so-called liquid biopsy offers a less invasive alternative to surgical biopsies, which require a surgical procedure to procure a tissue sample to test. The company also says analyzing exosomes can offer a snapshot of a tumor’s activity, as well as indicate changes over time. Exosome Diagnostics has commercialized tests for cancers of the prostate and lung. The company says its intellectual property extends to cancers of the bladder, kidney, breast, and brain, among others.
Bio-Techne says Exosome Diagnostics is the company’s 14th acquisition in the past five years. It adds that Exosome Diagnostics will complement its cellular diagnostics business.
Image of slide showing prostate cancer by the National Cancer Institute